CEA Nageswaran Warns Trade Weaponisation Could Backfire, Flags China’s $800 Billion Goods Surplus

Chief Economic Adviser Dr V. Anantha Nageswaran highlights trade, technology and energy as key forces shaping the global economy. Speaking at the 13th SBI Banking & Economics Conclave 2026 in Mumbai, he says supply shocks are increasingly driving economic uncertainty, citing the pandemic, Ukraine war, tariffs, semiconductor restrictions, Persian Gulf tensions and the AI build-out. Nageswaran warns that trade weaponisation can eventually backfire, though countries may exploit the lag before its impact is felt. He also points to China’s goods surplus of roughly $800 billion in the first eight months of the year, saying it is putting pressure on manufacturing ambitions in developing economies, including India.